Turkey's military pension fund has offered nearly £70m to buy British Steel out of insolvency, Sky News can reveal.
Ataer, which is a subsidiary of Oyak, Turkey's military pension fund, is understood to have submitted a formal and final offer for British Steel earlier on Friday to the OR following the government's endorsement of a support package.
Ministers are also said to have settled on a remedy for the problem of EU carbon credits, which forced the company to seek an emergency £120m loan from the government in April.An announcement about formal exclusivity being granted to Ataer is likely in the next few days, with a further period of between six and eight weeks of due diligence likely to follow.Sources cautioned, though, that the talks could yet founder given their complexity.
Andrea Leadsom, the new business secretary, and the business minister Nadhim Zahawi are understood to have been instrumental in getting the talks about a rescue deal for British Steel to such an advanced stage. The submission of Ataer's final proposal to buy the company comes days after Sky News revealed that lenders to British Steel were putting pressure on EY to seal a takeover or begin closing down the Scunthorpe site.
Other bidders have continued to pursue British Steel, including Liberty House, the industrial conglomerate, and an unnamed industrial cnglomerate referred to by ITV News. EY has told bidders that it would like to conclude a deal by the end of August, following the annual summer shutdown at Scunthorpe.
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